Why You Should Consider Trading in Your Vehicle
If you’re thinking about upgrading your current vehicle, it’s helpful to consider the trade-in options at your local dealership. Depending on your vehicle’s value, it could bring you a substantial cash offer. You can also apply your trade-in value to your total purchase, saving you even more. Created by our expert team at North Coast Auto Mall in Bedford, Ohio, here are more reasons to consider trading in your vehicle when you’re on the market for a new car.
Used Cars Are in Demand
The demand for quality vehicles is growing because of a production shortage experienced by many manufacturers. This high demand means that you can often get top dollar for your trade-in. Depending on the age, mileage, and wear and tear, your vehicle could be worth more than you think. At North Coast Auto Mall in Bedford, we strive to get you the best possible offer on your trade-in and when you visit us, you’ll find a large inventory of used and pre-owned cars, trucks, and SUVs that you can purchase using the cash from your trade-in offer.
Reduced Sales Tax
One reason trading in your vehicle is such an advantage is that you can save a bit on sales tax. In Ohio, the state sales tax rate is 5.75% — this might not be a huge percentage for small purchases, but if you buy a car for $20,000, that small percentage adds up to $1,150 in sales tax.
With a trade-in, you can limit your tax costs since you’ll only pay taxes on the difference rather than the full purchase price of your new vehicle. Best of all, our finance team will stand by to answer any questions you have about applying sales tax to your trade-in purchase.
Higher Vehicle Values
As the demand for quality vehicles skyrockets, the value of used cars also rises: your trade-in vehicle’s value could be as much as $3,000 over the average price from a year ago. Generous trade-in offers like this can help you make up some or all of the difference when you purchase another car.
To find out how much your trade-in is worth, use our online trade-in value tool. You’ll get a fair market value for your vehicle that you can apply toward the down payment on your next car, truck, or SUV. All you need to do is give us your car’s license plate sequence or VIN number, plus its make, model, and mileage.
You Can Use Your Trade-In as a Down Payment
Trading in your vehicle often lowers your loan amount. Applying your trade-in equity can also mean lower interest rates and a better chance of approval. When you value your vehicle with our team of car experts, we’ll help you find loan options and terms that suit your budget.
Plus, you have a wide range of options when you apply your trade-in cash to one of our used or pre-owned cars, trucks, or SUVs. Just ask us what our inventory has in stock when you visit us in Bedford or check out our online listings.
It’s a Fast, Easy Process
Trading in your vehicle and applying the equity to your down payment makes the car buying process much more efficient. You’ll often get an offer as soon as you submit your vehicle information, meaning you can simply bring your information to the dealer to start shopping. Many dealerships allow you to test drive all your top choices so you can find the perfect vehicle.
When you’re ready to make your purchase, you can combine your trade-in value with your down payment to get a total amount. Once the dealer signs the vehicle over, you can drive it home the same day. When you shop at North Coast Auto Mall in Bedford, our finance team makes the trade-in process hassle-free. We don’t waste your time with loads of paperwork, and we’ll take care of all necessary documents for you.
Which Used Vehicles Have the Highest Resale Values?
The amount you’ll get for your trade-in ultimately depends on the vehicle’s age, mileage, and wear and tear. With that said, there are some vehicle types that seem to be in more demand than others, making for higher trade-in values overall. For example, the market is seeing more demand for vehicles capable of higher gas mileage, along with diesel vehicles, pickup trucks, four-wheel-drive vehicles, and some types of SUVs. Check out these vehicles — listed by Kelley Blue Book — that often have the highest resale values in 2022:
- Toyota Tundra
- GMC Sierra
- Jeep Gladiator
- Ford Ranger
- Subaru Forester
- Tesla Model X
- Honda Accord
- Ford Mustang Mach-E
Several luxury vehicles also make KBB’s list of highest resale values:
- Volvo XC40
- Mercedes-Benz GLB
- Range Rover Velar
- Lexus LX
- Lexus IS
- Lexus LS
Even if you’re looking to trade in a different make and model, your vehicle could still get you a generous offer. No matter what your make and model, North Coast Auto Mall in Bedford is your go-to for valuing your trade and getting you the best deal on the market.
Explore Your Trade-In Options at North Coast Auto Mall in Bedford
If you’re thinking about trading in your car, truck, or SUV, get in touch with our auto experts at North Coast Auto Mall in Bedford. We’ll use a comprehensive inspection process to look at your vehicle and get you the highest possible offer. Then, shop our selection of new and used vehicles and apply your trade-in cash at the purchasing stage.
No matter what you’re looking for, North Coast Auto Mall can help you find it. From trucks and SUVs to luxury sedans, our inventory features popular brands like Chevrolet, Ford, and Nissan, as well as luxury brands like Audi, Lexus, and BMW. We also have a large selection of used vehicles under $10,000 for even more trade-in options.